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Worldwide Cost of Living 2019

Topics Covered:

  1. Population and associated issues, poverty and developmental issues, urbanization, their problems and their remedies.

 

Worldwide Cost of Living 2019

 

What to study?

For Prelims and Mains: Highlights of the report, significance and performance of various countries.

 

Context: The Economist Intelligence Unit has released the report of the Worldwide Cost of Living Survey 2019.

The Survey compares more than 400 individual prices across 160 products and services in cities around the world.

 

Key findings:

  • For the first time three cities share the title of the world’s most expensive city – Singapore, Hong Kong and Paris. Living costs in all three cities are 7% higher than in New York, the benchmark city.
  • In this year’s top 10, Singapore represents the only city that has maintained its ranking from the previous year. Singapore marks its sixth straight year at the top of the rankings.
  • Unsurprisingly, the cheapest cities to live in were largely made up of those experiencing well-documented political or economic disruption (or both in same cases).
  • Caracas, Venezuela’s capital was at the very bottom of the list this year, a position previously occupied by war-torn Syria in Damascus for obvious reasons.
  • Deteriorating economic conditions in Venezuela and hyperinflation are at the root of its downward-trending position down the list.

 

Sources: the hindu.